stat asst

Course #: MGMT650

Course Title: Statistics for Managerial Decision Making

Week 3: Introduction to Probabilities: determining the numerical value that indicates the chance, or likelihood, of a specific event occurring. These measure help managers make educated decisions for their companies.

Learning Objectives:

1. Discuss the different types of probabilities (classical, empirical, subjective)

2. What are the basic properties and rules used in calculating probabilities?

3. Probability rules for more than one event.

Reading:

Openstax Introductory Business Statistics Chapter 3

https://openstax.org/books/introductory-business-statistics/pages/3-introduction

Introduction to Probability

http://davidmlane.com/hyperstat/probability.html

https://courses.lumenlearning.com/boundless-statistics/chapter/probability-rules/

https://courses.lumenlearning.com/boundless-statistics/chapter/what-are-the-chances/

Optional Web sites

http://solr.bccampus.ca:8001/bcc/file/b98db368-2b3d-4f32-97d5-837719f2fcce/1/Introductory%20Business%20Statistics.pdf

https://saylordotorg.github.io/text_introductory-statistics/s07-basic-concepts-of-probability.html

Events and Sample Spaces

http://www.math.uiuc.edu/~kkirkpat/SampleSpace.pdf

Simple Probability

https://www.youtube.com/watch?v=AY3O_qsSnbE

Joint Probability

https://www.youtube.com/watch?v=FWrEaSaW2mc

General Addition Rule

https://www.youtube.com/watch?v=QE2uR6Z-NcU

Multiplication Rules

http://www.algebralab.org/lessons/lesson.aspx?file=Algebra_ProbabilityMultiplicationRule.xml

Assignments:

Quiz3: Complete Quiz3 in the LEO classroom. Access the quiz from "My Tools->Quizzes". The quiz will be available on the first day of the week. Note that the quiz will automatically lock at 11:59 on Tuesday. Any extensions should be requested in advance.